Morning Business Memo
US to Europe: act now! Emergency talks are being held today on the eurozone's debt crisis. Finance ministers and central bank presidents from the US, Canada, Japan and Europe are holding a special conference call. Treasury Department officials have said Washington expects more action to strengthen the European banking system in the next two weeks before a meeting of the Group of 20 major economies in Mexico, later this month. European officials are under growing pressure to add capital to weaker banks to prevent the debt mess from worsening.
If you have an iPhone, Google Maps come pre-loaded. The map app allows users to get directions, check for traffic jams and find businesses. Later this year Apple is planning to oust Google as its default maps app for the iPhone and iPhone, replacing it with a new service. The move is the latest turf battle between the two giants. Smartphones that use Google's Android technology outsell the iPhone in global markets.
Google is buying Silicon Valley start-up Meebo to help expand its social networking service. The acquisition will mean more tools for Google Plus, an alternative to Facebook's popular online hangout. Meebo started out as a system for connecting people on instant messaging, but has since built other communications features that are now used by about 100 million Web surfers in the US.
Calm returned to battered stock markets. The S&P 500 closed slightly higher yesterday after losing nearly 10 percent of its value since early April. Asian stocks were up overnight and most European averages were higher this morning. Oil is near $85 a barrel in Asia, recovering from an eight-month low
Reuters and the New York Times are reporting that The Walt Disney Company plans to advertise only healthier foods to kids on its TV channels, radio stations and website. An announcement is expected today. The restrictions on ads extend to Saturday-morning cartoons on ABC stations owned by Disney. "Under the new rules, products like Capri Sun drinks and Kraft Lunchables meals - both current Disney advertisers - along with a wide range of candy, sugared cereal and fast food, will no longer be acceptable advertising material," says the The Times. Disney owns ABC News and this website.
Richard Davies Business Correspondent ABC NEWS Radio